Innovate (VATE) FCF Margin (2010 - 2025)
Innovate (VATE) recorded quarterly FCF Margin of 26.42% in Q4 2025, up 382.61% quarter-over-quarter from 5.47% in Q3 2025, and up 930.0% on a YoY basis from 2.56% in Q4 2024.
Innovate (VATE) FCF Margin (2010 - 2025) Analysis & Trends
Innovate's FCF Margin history runs 16 years deep, the most recent figure standing at 26.42% for Q4 2025.
- In Q4 2025, FCF Margin rose 930.0% year-over-year to 26.42%; the TTM figure through Dec 2025 stood at 11.73% (up 1101.0% YoY), while the FY2025 annual figure was 11.73%, up 1101.0% from the prior year.
- FCF Margin was 26.42% for Q4 2025 at Innovate, up from 5.47% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 26.42% in Q4 2025 to a low of 25.39% in Q1 2023.
- Historically, FCF Margin has averaged 1.91% across 5 years, with a median of 3.69% in 2022.
- Biggest YoY gain for FCF Margin was 3891 bps in 2021; the steepest drop was 2852 bps in 2021.
- A 5-year view of FCF Margin shows it stood at 16.72% in 2021, then slipped by 15 bps to 14.24% in 2022, then gained by 10 bps to 15.71% in 2023, then rose by 9 bps to 17.12% in 2024, then surged by 54 bps to 26.42% in 2025.
- The last three FCF Margin figures came in at 26.42% (Q4 2025), 5.47% (Q3 2025), and 18.51% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Quanta Services | 103.56 Bn | 103.29 Bn | 1.11 Bn | 2.18% |
| 2 | Comfort Systems Usa | 64.33 Bn | 63.28 Bn | 754.41 Mn | 8.42% |
| 3 | Emcor | 36.81 Bn | 35.90 Bn | 863.95 Mn | -0.61% |
| 4 | Mastec | 27.54 Bn | 27.38 Bn | 477.90 Mn | 2.06% |
| 5 | Sterling Infrastructure | 25.78 Bn | 25.28 Bn | 194.30 Mn | 17.68% |
| 6 | APi | 18.83 Bn | 18.18 Bn | 620.00 Mn | 3.38% |
| 7 | Jacobs Solutions | 14.81 Bn | 13.43 Bn | 794.89 Mn | -13.66% |
| 8 | IES Holdings | 14.35 Bn | 14.09 Bn | 254.79 Mn | 7.33% |
| 9 | Dycom Industries | 13.61 Bn | 12.90 Bn | - | - |
| 10 | Innovate | 231.31 Mn | 133.11 Mn | 58.90 Mn | 26.42% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 26.42% |
| Sep 30, 2025 | 5.47% |
| Jun 30, 2025 | 18.51% |
| Mar 31, 2025 | -6.86% |
| Dec 31, 2024 | 17.12% |
| Sep 30, 2024 | -11.85% |
| Jun 30, 2024 | 8.66% |
| Mar 31, 2024 | -9.84% |
| Dec 31, 2023 | 15.71% |
| Sep 30, 2023 | 5.44% |
| Jun 30, 2023 | 3.17% |
| Mar 31, 2023 | -25.39% |
| Dec 31, 2022 | 14.24% |
| Sep 30, 2022 | -8.75% |
| Jun 30, 2022 | 4.21% |
| Mar 31, 2022 | -16.47% |
| Dec 31, 2021 | 16.72% |
| Sep 30, 2021 | -13.86% |
| Jun 30, 2021 | -1.11% |
| Mar 31, 2021 | -3.32% |